02-02-2017, 01:35 AM
The European commission’s Brexit negotiators must strike a “workable” deal with Theresa May’s government to protect the City of London or the economies of the remaining member states will be damaged, a leaked EU report warns. The document – which has been seen by the Guardian – describes it as critical for the economic health of the remaining member states that the current financial eco-system is not hit in the coming Brexit negotiations.
EU will lose out from bad Brexit deal on City, says leaked report | Business | The Guardian
The paper, drawn up by officials working for the European parliament’s powerful committee on economic and monetary affairs (Econ), warns that UK-based financial services account for 40% of Europe’s assets under management and 60% of its capital markets business. “And UK-based banks provide more than £1.1tn of loans to the other EU member states,” the Econ secretariat’s paper notes.
EU will lose out from bad Brexit deal on City, says leaked report | Business | The Guardian